衡平法
公司治理
业务
库存(枪支)
资本资产定价模型
股票市场指数
企业社会责任
经济
金融经济学
股票市场
财务
工程类
马
法学
古生物学
生物
机械工程
生态学
政治学
作者
Rajna Gibson Brandon,Philipp Krueger,Peter Schmidt
标识
DOI:10.1080/0015198x.2021.1963186
摘要
Using environmental, social, and governance (ESG) ratings from seven different data providers for a sample of firms in the S&P 500 Index between 2010 and 2017, we studied the relationship between ESG rating disagreement and stock returns. We found that stock returns are positively related to ESG rating disagreement, suggesting a risk premium for firms with higher ESG rating disagreement. The relationship is primarily driven by disagreement about the environmental dimension. We discuss the practical implications of our findings for firms’ equity cost of capital as well as for investment managers and asset owners who use ESG investment strategies.
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